)
Siemens reported a net profit of Rs 634 crore for December-end quarter led by sale of metal technologies business to a group entity. In the corresponding quarter in the last fiscal the company registered net profit of Rs 65 crore.
Excluding this one off gain the company's net profit doubled to Rs 162 crore in comparison to Rs 84 crore profit in December 2013 quarter. Profit from sale of metal technologies business was Rs 704 crore.
Siemens received new orders of Rs. 2,089.3 crore compared to Rs. 2,008.7 crore in the same period last year. Sales were lower at Rs. 2,140.8 crore in December end quarter, compared to Rs. 2,360.5 crore in same period last year.
"The improved profitability reflects the positive impact of various internal productivity measures undertaken to increase the company's competitiveness. Though the improvement in new orders is encouraging, our order inflows are greatly dependent on private sector & government's willingness to start capex spending once again which is largely dependent on their confidence on a sustained economic revival in the country and lower interest rates. We will continue focusing our efforts to strengthen our core competencies and to increase our customer focus, so as to be well-positioned to capitalize on the new opportunities." said Siemens Ltd CEO Sunil Mathur.
